How to Wreck Your Credit Score
by RMNelson
Tuesday, May 24, 2011
tweet70EmailPrint.provided by

Don't underestimate the harm that even one missed mortgage payment can do to your credit score --especially if you had good credit to begin with.

The severe consequences underscore that you shouldn't shrug off even an accidentally missed payment. Instead, you should pay it and call the lenderright away, begging for forgiveness before it mars your credit record.

In an unusually specific commentary to lenders,Fair Isaac (NYSE: FICO - News), the creator of the FICO score, recently spelled out the severe consequences to the credit scores of borrowers who are 30 days late on their mortgages -- as well as thelong-term impact of failing to repay the whole mortgage.

It isn't a pretty picture.

Being 30 days late on a house payment -- even if it is an accident -- can knock 100 points off a pristine 780credit score, moving you from qualifying for the very best interest rates to the edge of subprime territory.

The actual numerical drop is less severe if your starting credit score is 720 or 680, butthe impact is greater, since your new score is likely to sink to a level where new credit is hard to get and very expensive.

[More from WSJ.com: Why the Latest Credit-Score Fixes Fall Short]

TheFICO score ranges from a low of 300 to 850, with scores of about 750 or higher generally qualifying for the best loan terms.

The details provide a warning for anyone whose home is way underwaterand is tempted to simply walk away, or considering a "short sale." That is when the sale price is less than the amount you owe and the borrower doesn't make up the difference. More than 350,000 homes...

Estos documentos también te pueden resultar útiles

...Howto Ruin Your Project Andy Jordan May 10, 2010
A few years ago I was addicted to Minesweeper--that free game that comes with Windows. The largest size has 99 mines and 480 tiles. I found this game incredibly frustrating because you could make more than 450 correct decisions--and then as soon as you made one wrong move the game ended in failure. It seems to me that quality is a bit like that--you spend the entire...

...Howto Improve Your Study Skills
Do you like to be a good student? Do you like to have excellent calcifications.
Do you need to study for the test? This guide can help you improve your study skills.
1
Have a Good Place For The Study.
Take place that it motivates you to studying without relaxing about the study, With many light. Example: Room, a Park, your...

... You do not have to close and restart the program by hand every time. By pressing the F5 button in TC Sumatra PDF shows the page and the section the cursor resides in. Sumatra comes to the front by doing this.
∗ †
martin.hehn@manchester.ac.uk benjamin.danowski@web.de
1
Please note: Currently forward search only works if the le name and its whole path do not contain spaces! A double click in Sumatra PDF should place TCs cursor to the...

...Learning English Howto … Asking for and giving directions
Jackie:
Hello, welcome to BBC Learning English dot com. I'm Jackie Dalton. Today's programme is all about giving and understanding directions. Our reporter Helen is new to London and has been out asking people for directions to various different places. We'll take a look at some of the key phrases that come up as she tries to find her way around....

...Howto choose a pet?
Many children want a pet, but can you take adequate care of a pet? Are you up to the challenge? Do you have the responsibility to take on the care and feeding of a pet?
There are some who say that having a pet teaches responsibility, but it is important for the pet’s sake that you have some ability before you take a pet. You should know enough about the pet you want to judge whether you can offer him...

...competitive retail and automotive industries with the primary focus on exceeding expectations for customer service delivery while ensuring optimum brand impact. Possesses excellent interpersonal, communication and negotiation skills and the ability to develop and maintain mutually beneficial internal and external relationships. Enjoys being part of, as well as managing, motivating and training, a successful and productive team, and thrives in highly pressurised and challenging...